Debt consolidation can be a useful financial strategy for managing multiple debts by combining them into a single, more manageable loan. This approach often simplifies payments and can potentially lower interest rates, making it easier to pay off debt faster. However, it’s important to carefully consider the pros and cons, including any potential fees, the impact on your credit score, and whether the new terms are truly advantageous. Evaluate your overall financial situation and consult with a financial advisor to determine if debt consolidation is the right move for you.